For many Shiba Inu (SHIB) investors, the coin reaching a price of $0.01 is a dream. Many have dreamed of retiring early if SHIB hits the one cent mark. However, the price of Shiba Inu is currently far from the $0.01 target, requiring an enormous growth to reach this price.
Currently, SHIB is trading at $0.00001906, down 0.09% in the past 24 hours. To achieve the $0.01 target, Shiba Inu must increase by 52,365% from its current price. This means that if SHIB reaches $0.01, a portfolio of 52.5 million SHIB, valued at about $1,000 today, would increase to $525,000.
Market Capitalization Needed for Shiba Inu to Reach $0.01
With a large supply of Shiba Inu at 589.26 trillion tokens, SHIB will need a market capitalization of up to $5.89 trillion to reach the one cent target. This figure is more than double the global market capitalization of the cryptocurrency market, which currently stands at $2.61 trillion.
Currently, Shiba Inu has a market cap of around $11.21 billion and ranks 13th among the largest cryptocurrencies on CoinMarketCap. This means that SHIB's market cap will need to increase by 52,365% to reach $5.89 trillion.
The Only Way for Shiba Inu to Reach $0.01 with a Lower Market Value
The large supply of Shiba Inu is a significant challenge to reaching the $0.01 target. With a supply of 589.26 trillion SHIB, SHIB must increase by 52,365% to achieve this goal.
The only way for Shiba Inu to reach a price of $0.01 with a lower market value is through a strong token burning strategy. Burning tokens will require users to send SHIB to a dead wallet, thereby reducing supply and potentially increasing price.
Since its launch with an initial supply of 1 quadrillion tokens, Shiba Inu has burned 410.73 trillion SHIB. Despite commendable efforts, larger scale burn events are still needed.
The Shiba Inu development team is also committed to accelerating the burning process through Shibarium. Notably, this layer 2 blockchain is designed to burn SHIB from transaction fees. Since its launch last year, Shibarium has burned over 55 billion SHIB, and is expected to burn even more tokens as trading volume increases.
With Shiba Inu continuing large-scale burn events, this token may achieve the $0.01 target without having to reach a market cap of $5.89 trillion.